Year

Year to which this account applies.

If you are creating a new account in the previous G/L year then you will be prompted to also add it in to the current G/L year, which you would normally do.

G/L Code

Unique identifier for a general ledger account. Any coding scheme can be used, but typically a:

• 4 digit COA code, followed by
• Period character (.), followed by
• 3 digit cost centre code.

Can be up to 15 characters.

For example, 0295.004 has been defined for Administration Fees (0295) for the English Department (004).

The format is maintained on the General tab of Synergetic Financial Configuration. See Synergetic Financial Configuration - General tab in the Finance manual.

Description

General ledger account description.

Note: It is recommended that you have a standard naming convention for general ledger codes and descriptions.

Chart of Accounts

Categorise and report on income and expenditure according to different categories. Select from the drop-down list.

Cost Centre

Cost centre the general ledger account is linked to, to group costs for similar activities.

For example, 004 (English Department).

Account Type

Type of general ledger account. Either:

Account Type

Description

Profit & Loss

Earnings and expenses over a period.

Balance Sheet

Organisation's assets, liabilities and net worth position at a point in time (balance date).